Maven reaps 5x on £23.3m Nenplas sale to Surteco

The exit comes almost four years after the GP sold Homelux, the tile accessories division of Homelux Nenplas, to US firm QEP Company. It represents an overall return of 5x and IRR of 30% for Maven, which originally supported the management buyout of the company with capital drawn from its VCTs.

The deal, conducted through Surteco subsidiary Döllken-Weimar, sees the trade buyer acquire 85% of Nenplas's shares for £20.8m, as well as wholly acquiring the company's associated property business for £2.5m.

The transaction forms part of Surteco's international expansion strategy, with the acquirer also retaining the option to buy the remaining 15% stake in Nenplas.

In addition to demerging from its tile accessories division, Nenplas has also undertaken an acquisitive growth strategy since Maven's initial investment. In February 2009, it purchased the assets of competitor Frontline before acquiring the assets of M-plas in March 2010. Nenplas subsequently bolted on Polyplas in 2013 and Delta Plastics in 2014.

Previous funding
Maven (then Aberdeen Asset Managers Growth Capital) acquired a minority stake in Homelux Nenplas for £2.3m in a management buyout from US-based Newell Rubbermaid in 2006. The deal was backed by debt from Yorkshire Bank.

Company
Headquartered in Ashbourne and founded in the mid-1970s, Nenplas is a plastic extrusion manufacturer. Its products are used in a variety of sectors including the leisure, building and retail markets.

The business has a headcount of 140 across three subsidiaries including the Nenplas, Polyplas and Delta Plastics brands. It generated a turnover of £16.6m in its most recent financial year, with EBITDA of £3.8m, according to a statement issued by the trade buyer.

People
Maven Capital Partners – Mike Collis (head of portfolio).
Nenplas Group – Rob Butcher (managing director).
Surteco – Herbert Müller (chairperson).

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